Companies have long used software to organize and store contracts for review, but to effectively manage these documents in the twenty-first century requires a more comprehensive approach. The rapid growth of contract management automation speaks to the need for increased effectiveness in this area. \n\n\n\nFirms around the globe are paying attention as\nreputable sources publish the statistics. Harvard Business Review reports that\ncontract inefficiencies cause firms to lose 5% to 40% of value on individual contracts. \n\n\n\nCompanies interested in long-term growth are turning to cloud-based software that integrates AI for the purpose of increased efficiency and productivity. They\u2019re also attracted to its ability to protect them from the issues of data loss and other liabilities. \n\n\n\nBenefits of Automated Contract Management Solutions\n\n\n\nThere\nare five primary benefits of using automation in your contract management:\n\n\n\nImproved access and organizationMore efficient template standardizationEasier to monitor workflow in real-timeAccess to data from anywhereMore secure storage and data protection\n\n\n\nImproved Access and Organization\n\n\n\nCompanies of all sizes routinely need to identify a specific agreement or piece of data and usually invest valuable time to access the information they need. Contract management software allows these organizations to not only organize their contracts but also search and sort based upon specified criteria across the entire platform. The result is expedited data extraction, reduced staff hours, and the virtual elimination of \u201clost\u201d contracts.\n\n\n\nEfficient Contract Template Standardization\n\n\n\nThe legal department wants to eliminate undesirable contract variations across various templates. Where appropriate, it\u2019s imperative that a level of consistency exists amongst all its agreements and individual provisions. Contract management automation allows firms to easily generate and update contract templates both individually and collectively in a centralized location, providing consistency and control. Modernized and standardized templates immediately lend protection and credibility to the company\u2019s agreements.\n\n\n\nContract management software also makes it\neasier to personalize contracts when necessary, without introducing unwanted\nvariations into the templates. \n\n\n\nMonitor Workflow in Real-Time\n\n\n\nContracts are the life-blood of a company, which makes tracking status and dates a top priority for the proactive professional. Automated contract management software analyzes data and uses reports to inform users concerning the status of all contracts, including approval, renewal, or required signatures. These systems also alert users to critical dates regarding contract expiration, renewal, and related obligations. Automated contract monitoring drastically minimizes associated legal and financial risk in the area of contract fulfillment. \n\n\n\nMobile Data Access\n\n\n\nEmergencies happen, and urgent matters can\u2019t\nalways wait until a more convenient time. Contract management software provides\nremote capabilities to every permitted user, allowing secure access to\ncontracts and data from any mobile device. Mobile access allows your organization\nto stay ahead of problems and to provide instant client support when needed. \n\n\n\nSecured Data\n\n\n\nData loss is devastating to everyone involved,\nand even with professional IT support, system errors and breaches remain a\ncontinuous threat. Contract management automation provides high-level security\nwith features such as: \n\n\n\nOffsite, cloud-based storageFrequent automatic backupsData encryptionAdmin-controlled user permissionsMulti-level user authentication\n\n\n\nNever lose a contract again! Work more effectively, increase your revenue, centralize & secure your contracts. Available anywhere, anytime & on any device.Get your Free Demo today! \n\n\n\nThe ROI of Automated Contract Management\n\n\n\nAs contract management automation decreases document related man-hours, your team spends less chasing down papers and hunting for files. Instead, they can focus on following up with potential customers and vendors. \n\n\n\nThis increased productivity allows you to close\nmore deals, take advantage of new opportunities, and avoid disputes caused by\nmiscommunication. \n\nThe return on investment\nwill come both in the forms of higher profits and reduced costs.